“If a staffer is pulling long hours on a special project”, said Zujew, “they’ll reach out to the family and make sure some Swiss Chalet is delivered to the home or a cleaning person is sent. It’s a small investment with a big return in loyalty”, he says.
“The cost to retrain somebody, to bring in a new employee and do all the onboarding is way greater than doing something like that.”
|A company can save $20,000 simply by retaining a staffer with a $65,000 salary! It makes sense, then, to have a strategy in place to minimize turnover and there are a myriad of creative approaches to do just that within a company. The above is just one of them. Of course one of the most basic approaches that a company should start with is a strong Benefits and Group Savings Plan. What we can all agree on, however, is the necessity to limit turnover to stay competitive and protect the bottom line.|
Check this handy turnover cost calculator out to help identify how much your company can save by limiting turnover!